The hike comes 2 weeks after the petrol price was increased by Rs 3.07 a litre and a Rs 1.90 a litre hike in diesel rates. This is the second consecutive increase in petrol price and fourth straight increase in diesel rates.

"The current level of international product prices of petrol and diesel and the rupee-US dollar exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," Indian Oil Corporation said in a statement. "The movement of prices in the international oil market and the rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."